![]() At present, all executives are required not to leave the company. 18, the relevant governmental departments have also taken over Fuzhong Group’s headquarters. Screenshot of statement released by local police about Yang Zongyi’s arrest.Īccording to a report published by Rongzhong Finance on Nov. 17, the police detained Yang and Xia Weiguo, an executive at Fuxin Company. The local police in Jiangsu announced that Fuxin Company used high interest rates as bait to absorb funds from the public and was suspected of illegally absorbing public deposits, the reports said. Yang is the founder of the conglomerate Fuzhong Group and also controls the majority of shares in Fuxin Company, according to Chinese media reports. Yang’s arrest also signals political infighting within the CCP, experts say. The arrest comes a few days after a tycoon from Hebei Province was arrested and Chinese leader Xi Jinping’s inspection tour of Yang’s hometown of Nanjing city, Jiangsu Province. 17 and accused of illegally absorbing public funds. Chinese businessman Yang Zongyi was detained by police on Nov. ![]()
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